Former IRS Agent – The Bible On How To Get An IRS Tax Levy Released
Much is written on how to get your tax levy released albeit a wage levy or bank garnishment. As a former IRS Revenue Officer I probably filed thousands of IRS levies.
Your wages can be garnished for student loans in default, unpaid court fines, court judgments, back child support and even income taxes. Even if your wages are being garnished or you have received a 30 day notice, there are some things you can do to prevent it.
When you are cooperating with the ACS Unit or the Revenue Officer out of the local office assigned to the case, for the most part, tax levies do not get sent out. There are of course exceptions. If you were to call a good professional tax firm to help you through a levy, this is usually the way the process works.
IRS Tax Settlements The IRS has federal approval to settle tax debts if they deem it appropriate and necessary. The process is complex and is not broadly advertised by the IRS. There are many forms and documents to complete and process so it is advisable to get some assistance if you choose this method.
Make sure your tax returns are filed up to date. If all returns are not filed, the IRS cannot release your levy. This is their leverage to get you in full tax compliance. The firm you hire should be able to process your unfiled taxes for you.
The IRS will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement. This gives them the information on how to close your tax case.
The IRS will usually close your case in one of two ways: Hardship cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. If your expenses exceed your income according to the IRS national standards of income and expenses you will qualify for hardship. A good tax professional should let you know if you qualify for this.
The best solution is really not to try to take on the IRS on your own. They have all the power when dealing with individuals. You should contact them at least once to understand the situation you are in and try to come up with some realistic solutions that will prevent wage garnishment.
Harris Smith is a writer on personal finance education. Her article tackles the pros and cons of home equity line of credit
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